The biggest insider trading case in Norway’s history reached a new climax this week when an appeals court sentenced defendant Fred Anton Ingebrigtsen to nine years in prison, and several co-defendants received multiple-year sentences as well. Ingebrigtsen’s defense lawyer said he’ll appeal to the Supreme Court.
Ingebrigtsen is best known as the founder of finance firm Acta Kapitalforvaltning (capital management) in Stavanger. Prosecutors claim he traded Acta shares illegally with the help of several accomplices, and they were arrested in 2008. They allegedly traded shares for large sums, with many of the transactions financed with borrowed funds.
The appeals court ruled that the defendants violated insider trading laws to the tune of NOK 100 million (USD 16 million at the time), with Ingebrigtsen also charged with market manipulation, failing to alert the market and illegally financing the trades carried out by the others charged in the case.
While Ingebrigtsen was sentenced to nine years in prison, a stiff sentence by Norwegian standards, the others received prison terms ranging from two to nearly six years. Prosecutors were pleased after six of the seven defendants were convicted. Ingebrigtsen was also ordered to turn over NOK 25 million worth of assets. It remained unclear whether Norway’s highest court would hear his appeal.